Loews Corporation is one of the largest diversified holding companies in the United States.[1] It was previously the parent company of Lorillard Tobacco Co.,Inc., in New York and owns Loews Hotels and the Bulova watch company. Lorillard manufactures Newport and Newport Menthol cigarette brands, which account for 90% of its income.[2]

Ties to Pete Peterson's "Fix the Debt"

The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." Loews Corp. is part of the Campaign to Fix the Debt as of February 2013.

This article is part of the Center for Media and Democracy's investigation of Pete Peterson's Campaign to "Fix the Debt." Please visit our main SourceWatch page on Fix the Debt.

About Fix the Debt

The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." Through a special report and new interactive wiki resource, the Center for Media and Democracy -- in partnership with the Nation magazine -- exposes the funding, the leaders, the partner groups, and the phony state "chapters" of this astroturf supergroup. Learn more at PetersonPyramid.org and in the Nation magazine.

Description

Loews Corporation, "a holding company, is one of the largest diversified corporations in the United States. Its principal subsidiaries are listed below.

CNA Financial Corporation (90 percent owned) is one of the largest commercial property-casualty insurance companies in the United States.

Diamond Offshore Drilling, Inc. (51 percent owned) is one of the world's largest offshore drilling companies, offering comprehensive drilling services to the energy industry around the world. The company owns and operates 44 offshore drilling rigs.

HighMount Exploration & Production LLC (100 percent owned) is engaged in exploration and production of natural gas. HighMount's primary holdings are located in the Permian Basin in Texas, the Antrim Shale in Michigan and the Black Warrior Basin in Alabama.

Loews Hotels (100 percent owned) is one of the country's top luxury lodging companies. It owns and operates hotels and resorts in the United States and Canada." [4]

Loews is a Delaware corporation with its principal office and place of business at 667 Madison Avenue, New York. Loews was formed in 1969. Loews Corp. is a holding company with wholly-owned subsidiaries included Lorillard Tobacco Co.[5]. Loews took over Lorillard in the late 1960s. [6]. As of May 1994, principal subsidiaries of Loews Hotels Holding Corp were Bulova Corp. and Diamond M-Odeco Drilling Inc.[7].

Also as of May 1994, Lorillard Tobacco Company was a wholly-owned subsidiary of Lorillard Inc., and Lorillard Inc. was a wholly-owned subsidiary of Loews.[8]. However, in June, 2008, the wealthy Tisch family, owners of the Loews Corporation, spun off Lorillard into a free-standing unit, thereby divesting the family of all its tobacco holdings. [9]